Foxconn to invest $8 bn in China LCD plant

January 2, 2017
Foxconn, a major Apple supplier, will spend the vast sum on an industrial complex in the sprawling southern Chinese city of Guangzhou, state media says

Taiwan tech-giant Foxconn plans to build an $8.8-billion factory in China, state media said Saturday, amid reports its billionaire boss is cooling off on future US investments.

Foxconn, a major Apple supplier, will spend the vast sum on an industrial complex in the sprawling southern city of Guangzhou.

The factory will make large-screen liquid crystal displays (LCD), the firm said at an event in the Chinese city on Friday. It will be operational by 2019.

"We have in China a government that knows how to be efficient and supports new technology," said Foxconn president Terry Gou in an interview with China's 21st Century Business.

"As to whether we'll invest in the US in the future I've no idea. As a matter of fact, the new administration isn't in office and its new policies aren't in place," Gou added.

Foxconn employs around a million workers at its factories across China and has operations in more than 10 countries.

In the US, it has a plant in Virginia for packaging and engineering which employs over 400 people.

Earlier this month Foxconn confirmed it was in talks over a new US investment, while Japanese telecoms giant SoftBank shares soared after President-elect Donald Trump unveiled a $50 billion deal with the two firms.

Trump announced the agreement—which he said would bring 50,000 jobs—in the lobby of Trump Tower in New York.

Gou said he would only divulge details after discussions with relevant US authorities, but made no mention of it during the factory announcement Friday.

The Guangzhou plant will be jointly run by Foxconn and Japan electronics firm Sharp, which Foxconn has a 66 percent stake in.

Explore further: Foxconn agrees to buy Japan's Sharp Corp. at reduced price

Related Stories

Foxconn agrees to buy Japan's Sharp Corp. at reduced price

March 30, 2016

The Taiwanese company that assembles Apple's iPhones agreed Wednesday to buy control of financially struggling Sharp Corp. for $3.5 billion in the first takeover of a major Japanese electronics producer by a foreign company.

Foxconn workers strike at China factory

October 9, 2014

Taiwan's technology giant Foxconn on Thursday confirmed that about 1,000 workers went on strike at its factory in western China a day earlier, following a report that they were demanding higher pay.

Taiwan's Foxconn to open new plant in Brazil

September 19, 2012

Taiwanese technology giant Foxconn said Wednesday it is set to invest $492 million to build a new facility in Sao Paulo, Brazil to produce smartphones, tablets and other electronic devices.

Recommended for you

Google, EU dig in for long war

July 20, 2017

Google and the EU are gearing up for a battle that could last years, with the Silicon Valley behemoth facing a relentless challenge to its ambition to expand beyond search results.

Strengthening 3-D printed parts for real-world use

July 20, 2017

From aerospace and defense to digital dentistry and medical devices, 3-D printed parts are used in a variety of industries. Currently, 3-D printed parts are very fragile and only used in the prototyping phase of materials ...

Swimming robot probes Fukushima reactor to find melted fuel

July 19, 2017

An underwater robot entered a badly damaged reactor at Japan's crippled Fukushima nuclear plant Wednesday, capturing images of the harsh impact of its meltdown, including key structures that were torn and knocked out of place.

1 comment

Adjust slider to filter visible comments by rank

Display comments: newest first

Lischyn
not rated yet Jan 07, 2017
Why is there not a LCD plant in the US? The US has gotten out of building TV's since Magnavox closed in the 1970"s. Most of the LCD processing is automated so cost of labor can't be an issue.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.